Bahamas Commission report to “correct” FTX claims

The financial authority in The Bahamas, the Securities Commission of The Bahamas (SCB), has released a statement to correct claims that an investigation into the debtors of FTX has been impeded.

Per the statement released on Twitter, the SCB corrects material misstatements made by one of the representatives of FTX debtors – known as the Chapter 11 Debtors, in the United States. According to the document,  the SCB notes that it “must once again correct misstatements made by Mr John J. Ray III… in both press and court filings.

The statement notes that the Chapter 11 Debtors, including Ray III, had publically challenged the SCB and its calculations of the number of digital assets that were transferred to digital wallets under the Commission in November of last year. Following the challenge, the SCB notes that this did not hold up owing to incomplete information and a lack of due diligence by the debtors.

Ray III, one of the Chapter 11 Debtors and FTX CEO, made public statements that said that the Commission had instructed the now bankrupt crypto exchange to mint new tokens. The statement was made in court during a filing, under oath, before the US House of Financial Services Committee “without evidence“.

Further in the statement by the SCB, the “unfounded statements [by Ray] have the impact of promoting mistrust of public institutions in The Bahamas”. The Chapter 11 Debtors also stated that the digital funders were “stolen” during the saga of FTX, however they could not provide any substantial evidence to back up the claim. The SBC has also expresssed that the investigation into FTX and Sam Bankman-Fried will be compromised by the Chapter 11 Debtors’ refusal to give access to the FTX AWS System to the Court Supervised Joint Provisional Liquidators.

While the notice indicates the Chapter 11 Debtors claims and lack of evidence in court statements, the Commission remains hopeful  that the court matters will be able to proceed with the interest of customers and creditors of FTX at heart.

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